Turkish court rejects appeal to release US pastor

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U.S. President Donald Trump doubled tariffs on Turkish metal exports to the United States last week. The White House, however, has not changed its threatening rhetoric thus far.

The dispute is one of several between the North Atlantic Treaty Organisation allies, including diverging interests in Syria and US objections to Ankara's ambition to buy Russian defence systems, that have contributed to instability in Turkish financial markets.

The offer came after Turkish president Recep Tayyip Erdogan hosted the emir of the gulf state on Wednesday.

The Qatari money will be channelled into banks and financial markets, a Turkish government source told Reuters.

The declaration comes as a trade war between the United States and Turkey has caused the Turkish currency, the lira, to plummet over the past few days, sending shockwaves throughout global markets.

The lira lost almost 40 percent against the dollar this year and suffered a staggering collapse on the heels of Trump's announcement of increased tariffs on metals.

Despite Turkey's threat to seek new allies in place of the United States amid an unprecedented row between the two North Atlantic Treaty Organisation allies, analysts say Ankara would not break its alliance with Washington.

Sanders said that even if Erdogan releases the US clergyman, the additional tariffs on Turkish steel and aluminum won't be lifted because they are based on "national security".

Officials from President Recep Tayyip Erdogan's office said the pledge was made by Sheikh Tamim bin Hamad Al Thani, who met with the Turkish leader Wednesday.

He also said the government expected a more modest growth from the Turkish economy, which expanded 7.4 percent in 2017. Earlier in August, his administration had levied sanctions against Turkey's justice and interior ministers, accusing them of playing "leading roles" in the organizations responsible for the arrest and detention of Pastor Andrew Brunson. The decision shows Turkey giving a proportionate response to American "attacks" on the Turkish economy, Vice President Fuat Oktay said in a tweet.

White House Press Secretary Sarah Sanders said that the tariffs imposed on Turkey's steel by the US are not related to American pastor Andrew Brunson.

Brunson's jail term had been converted to house detention for health reasons.

Explaining the new tariffs, Turkish Vice-President Fuat Oktay said the rises were ordered "within the framework of reciprocity in retaliation for the conscious attacks on our economy by the United States administration".

A court in Izmir rejected the appeal, but a higher court would review the appeal, the report said.

The currency strengthened some 3 percent against the dollar on Thursday, trading at around 5.75 per dollar, hours before Turkey's treasury and finance minister were scheduled to reassure worldwide investors about the economy.

"They are squeezing lira liquidity out of the system now and pushing interest rates higher", Cristian Maggio, head of emerging markets strategy at TD Securities, said. The recovery also spilled into the bond market, with yields on 10-year local debt falling 28 basis points to 21.1 percent.

Investors are anxious that about Erdogan's control over the central bank and his pressure to keep it from raising interest rates.

The decision to bar the transfer also hinders the F-35s' manufacturing process: Turkish companies make several key parts of the jet, and the Pentagon must find new suppliers to replace those firms.

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